Financial System Stability Committee

The Bank of Jamaica (Amendment) Act, 2015 provides for the establishment of a Financial System Stability Committee (FSSC) that serves to make assessments in relation to financial system stability, make recommendations to the BOJ for carrying out its financial system stability mandate as well as help inform the BOJ's use of macro-prudential rules and standards. The fundamental objective of the FSSC will be to review BOJ's macro-prudential risk assessments and make applicable policy recommendations to address any identified risks.

The Financial System Stability Committee fulfils its functions through the guidance of quarterly reports on key aspects of BOJ's financial system stability assessments.

The FSSC:

reviews BOJ's macro-prudential assessments;

advises on the appropriate macro-prudential tools that can be used to manage and/or mitigate the emergence of systemic risks;

help monitor the implementation and transmission of macro-prudential tools; and

communicate with the public on the use and impact of tools on the system.

Based on the Amendment, the FSSC should consist of six ex-officio members as well as two members appointed by the Minister of Finance based on the recommendation of the Governor. The ex-officio members of the Committee shall be: (a) the Governor, who shall be the chairman; (b) the Senior Deputy Governor or the Deputy Governor or other senior officer of the Bank, with assigned responsibility for the Bank's financial system stability mandate; (c) the Financial Secretary; (d) the Deputy Supervisor of Banks and Financial Institutions; (e) the Executive Director of the Financial Services Commission; and (f) the Chief Executive Officer of the Jamaica Deposit Insurance Corporation.

Corporate Governance

Financial System

The Central Bank stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.

Monetary Policy

Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.

General

Foreign Exchange

The Foreign Exchange section provides current and historical information on the movements of major currencies in relation to the Jamaican dollar. The section also provides powerful search techniques for users to manipulate the data and generate customize reports.

General

Statistics

The Bank of Jamaica publishes in the daily newspaper each quarter, balance sheet data for commercial banks, building societies and licensees under the Financial Institutions Act . Such financial data is based on unaudited prudential returns submitted by the licensees to the Bank of Jamaica which are required to be certified by the licensee 's management as reflecting a true and fair representation of the affairs and condition of the institution at the reporting date.

Financial Data

Announcements

The Bank of Jamaica is committed to providing information on its activities on a timely and continuous basis. In this regard, this section is designed to provide access to all major releases compiled by the Bank of Jamaica.

Publications

The Bank of Jamaica publications are aimed at providing quality economic and financial analysis and information on Jamaica as well as timely updates on matters relating directly to the functions of the Bank.